Since the beginning of 2022, business executives have been dealing with a different kind of pandemic: rising costs of raw materials and consumer goods. This has dramatically impacted quality customer care, with the end-user paying more than they must or dealing with lower quality. In a drastic turn of events, the US Senate passed one of the most significant pieces of legislation in years: the Inflation Reduction Act of 2022. This Act has passed through Congress and has been signed into law by President Biden.
With rising inflation and economic uncertainty, there is no better time to maximize cost-efficiency than the present. While business executives are looking to make more capital investments, they are also considering minimizing the tax burden on operations and properties using methods like cost segregation. Using this analysis to reduce costs due to asset depreciation can be highly worthwhile for business owners.
The House has passed a bill that would replenish the Restaurant Revitalization Fund. Restaurant and bar owners should monitor the legislative situation so as not to miss out RRF funding of up to $5 million.
With rising inflation and economic uncertainty, businesses worldwide are struggling to manage operations while keeping employees on the payroll. Looking for every opportunity or benefit for your business should be a top priority right now especially for startups. As a startup business you may not believe you have the time and effort available to research and apply for these credits and this could be detrimental to your firm.
For over two years, businesses and corporations have struggled to deal with the effects of the global pandemic. While it lasted, the global economic landscape changed dramatically. We are dealing with a different kind of pandemic now: rising inflation.
As a result of the economic meltdown and global pandemic, companies struggled to stay afloat, keep up with operational costs, adding to payroll, developed and innovated new product offerings for the changing market. This is why researching the most recent changes to the R&D Tax Credit program may be advantageous to your business.
Cost segregation is a unique tool to minimize tax burdens while maximizing depreciation deductions. It is particularly beneficial for both small and big businesses. Most people have not been paying attention to it because they do not know how it works.
Growing a business is not an easy thing to do. There are so many things that need your should consider and execute to successfully expand a business. Understanding the market and the competition landscape, balancing the risk vs. the reward, identifying, and organizing the proper team to execute the growth plan, defining the logistical needs and future staffing levels. Let us also remember while executing a growth plan your business needs to continue providing best possible customer service. The list can seem endless. One other major concern is how quickly the business can get to cash flow positive during this process. This is why we want to discuss incentive opportunities.
Economic change is a construct that remains inevitable. The world consistently faces massive change, particularly when the global pandemic hit. As governments sought a lasting solution, temporary lockdown measures started, which overhauled the economic landscape for business owners. The government sought out numerous options to help businesses at the time and in the future. Certain programs allow businesses to claim credits regarding taxes already paid.
For over 18 months, the world was held on a standstill by a pandemic that threatened how we conduct business. At the height of the menace, some firms struggled with staying afloat and had to close up shop. However, other companies adapted hybrid offices to remain in operation. Now, with the world gradually tilting towards normalcy, it is essential to note that Congress is introducing new business taxes, and you should prepare your business for them. More so, it is necessary to note that the government has introduced tax credits that will benefit your business.